The Supreme Court of the State of New York, Appellate Division, First Department, on April 20, 2026 announced that it had unanimously affirmed the dismissal of the New York State securities class action against dLocal Limited. The lawsuit, titled In the Matter of dLocal Securities Litigation, alleged that the company’s registration statement and prospectus contained materially misleading statements about its take‑rate trends.
The court found that the plaintiffs failed to identify a known material trend and that dLocal’s disclosures were consistent with its reported growth in total payment volume, revenue, and gross profit. The decision removes a potential legal and reputational risk that could have impacted investor confidence and the company’s regulatory standing in the United States.
dLocal’s CEO Pedro Arnt said the ruling “recognizes the strength of the Company’s disclosures, the growth of our total payment volume, revenue and gross profit in the pre‑IPO period, and the merits of our position.” The dismissal allows the company to focus on its expansion strategy and shareholder return initiatives without the distraction of a pending class action.
The court’s affirmation also signals that dLocal’s financial reporting meets securities law requirements. The ruling follows the company’s strong financial performance in 2025, with Q4 2025 revenue of $337.9 million, up 65% year‑over‑year, and total payment volume of $13.1 billion, up 70% year‑over‑year. These results demonstrate the company’s robust growth trajectory and support the court’s view that the disclosures were not misleading.
While the article does not detail immediate market reaction, the favorable outcome is expected to reinforce investor confidence. Analysts have noted dLocal’s consistent hyper‑growth in TPV and revenue, strong profitability, and clear strategy for capital allocation, all of which were highlighted in the court’s decision.
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